Vendor Security Risk Management Solution
We correlate data about the security practices of third-party vendors to understand, model, and mitigate threats through technical support management services. This is a metaphor for a customer's third-party risk ecosystem and interdependence with suppliers.
Technical Support Management Services seamlessly integrates with industry-leading vendor risk management technology solutions, including governance, risk and compliance (GRC), cyber risk scores, and third-party risk management automation platforms.
Technology solutions alone cannot reduce risk. Strategic partnerships and points of integration, along with management services, enable you to:
Leverage your investment in risk management technology solutions
Combine technology solutions with proven workflows, processes, people and management services to achieve results.
Program expansion and efficiency improvement through automation
Work with you to increase audit efficiency across your customer base.
Coordination with industry standard framework
Rapid turnaround of assessments to support the sales cycle
Safe processing of data and compliance with legal requirements
Technical support management services for vendor risk management, security and compliance programs
People, tools, processes and proven third-party risk management methodologies
Skilled and experienced auditors and consultants
Integration with leading GRC, third-party risk and cyber risk scoring solutions
Company and product level assessment
Dashboard reporting on supplier portfolio, assessment and improvement activities
Data set of security assessment results for thousands of vendors
World-class workflow engine and playbook designed with the best VRM program
Security, privacy and compliance management services
Third-party and vendor risk management software collects and manages vendor risk data to protect your company from issues such as data breach or non-compliance. This type of software evaluates, monitors and mitigates any risks that could negatively affect the relationship between the company and its suppliers. Third-party and vendor risk management software is typically used by compliance officers or managers in departments such as quality control, supply chain, or manufacturing. Compliance officers use third-party and vendor risk management software to comply with internal policies and government regulations such as FFIEC, CFPB or HIPAA. Department managers can use this type of software to help reduce the risk of outages caused by untrusted vendors.
Third-party and vendor risk management tools are typically implemented as part of a wide range of governance, risk and compliance initiatives, but the software can also be delivered as a standalone product. If provided separately, third-party and vendor risk management solutions must be integrated with other software tools such as supply chain suites, quality management software, ERP systems, governance, risk and compliance software.
To be included in the 3rd party and supplier risk management category, the product must meet the following:
Includes standard workflows and templates for evaluating and evaluating supplier risk
Provides a 360-degree view of vendors that can be shared internally and externally
Ensure compliance with internal policies and regulations against supplier risk
Providing processes and templates for supplier risk control and supervision
Provides a self-service portal for suppliers to provide information and documents
Includes standard reports on risk monitoring and risk exposure
Monitor supplier performance and supplier risk changes
Partnering with a business means being able to bring the benefits of using that supplier to the supplier in a timely manner while also summarizing and communicating the risks associated with that relationship. It communicates technical details to your business in easily understandable terms to help you make informed decisions based on your results.
Onboarding is the most burdensome part of the supplier life cycle. Smart tiering recommendations, workflow integration and risk vector analysis to help identify known risk areas reduce the time and cost of onboarding and increase the scalability of your program.
Clearly understands cyber risk tailored to your organization's risk tolerance, allowing for an adaptive and layered approach to existing operational workflows. This means you can make reliable, data-driven decisions and prioritize resources to reduce efficient risk across your portfolio and orchestrate processes to increase operational efficiency.
Third-party vendor risk management software provides businesses with a comprehensive analysis of their vendor's digital footprint so they can build a better assessment of their vendor. CyberScore software is one of the most user-friendly and economical supplier risk management solutions that can be used to accurately analyze a supplier's digital footprint.
Supplier risk assessment software
All organizations that use third-party vendors must ensure that vendors working with partners have a secure infrastructure and operations. CyberScore, our versatile third-party risk management software, uses the latest technologies and processes that enable organizations to:
Gain insight into vendor risk with minimal overhead.
Continuously monitor supplier risk.
Check the ratings provided by individual vendors.
It's simple yet comprehensive, and above all, prioritizes your assessments based on accurate scores.
CyberScore: Best Vendor Risk Management Solution
A trusted supplier risk management framework protects the strengths of customers, customers, employees and organizational operations. Managing third-party relationships using software tools can be cumbersome. But our solution’s intelligent and intuitive CyberScore software
The importance of supplier management is still an important component of an organization's risk management program. Supplier risks continue to spread. Examples include contractor system intrusion and fraud, cyber attacks (e.g. stealing or disrupting data, information technology and business processes), vendor focus, and recent and upcoming regulatory activities. These and other topics encourage boards and management to ask questions and gain confidence that vendor risks are properly identified, assessed, managed and monitored.
While some industries have made progress in vendor risk management practices (e.g. financial services), many organizations still need substantial improvements to meet regulatory expectations. Practice is not purely implementing a risk management process, but the way it is contained, communicated, and maintained. This gives stakeholders confidence in how supplier risk management is part of their organizational culture and how each employee is thinking.
- Projected and ongoing risk identification process
- Maintaining the supplier's business profile
- Conduct supplier risk assessment
- Service Level Agreement (SLA) monitoring and management
- Enumerate the organization's suppliers
- Ranking and prioritizing suppliers according to their importance level
- Facilitate vendor auditing by collecting, centralizing and organizing data, managing work documents, and proving corrections.
- Multifunctional teams work together to help you manage suppliers efficiently and resolve incidents quickly.
- Effectively manage offboarding vendors